NZ Energy sector remains top 10 amid global disruption

Wednesday 17th April 2024

Source: BusinessNZ

The latest Energy Trilemma report reveals New Zealand remains in the top ten countries for balancing energy issues, amid significant shifts in global energy markets.

The 2024 edition of the report, titled Evolving with Resilience and Justice indicates the aftermath of Covid-19 lockdowns and Europe’s energy crisis has contributed to deteriorating energy security worldwide.

Each year the World Energy Council ranks nations based on three key aspects in energy; equity, security and sustainability. BusinessNZ Energy Council (BEC) Executive Director Tina Schirr says although our energy system remains exemplary, there are areas in need of urgent improvement.

"Like other countries, New Zealand’s security score was downgraded in the 2024 report. This can be attributed partly to our gas sector on the brink of a shortfall and the electricity sector grappling with rising peak demand and blackout risks.

"To enhance security, New Zealand must diversify energy sources beyond fossil fuels and invest in resilience. Transparency on our climate target costs is also crucial.

"Higher energy prices highlight the pressing need for enhanced energy security. Businesses transitioning to electrified processes bear the brunt of high wholesale electricity and gas prices. Consumers are also feeling the pressure with their costs increasing.

"We commend the Government’s renewed focus on rebalancing the trilemma to enhance security, but time is of the essence. Collaboration between the Government, the energy sector, and the community is key to navigating these challenges and achieving a sustainable energy future."

The full World Energy Trilemma Report 2024: Evolving with Resilience and Justice is available to read now.

ENDS

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